South Korea’s Lotte Group started marketing the long-awaited initial public offering of its duty free chain and hotel business on Friday, offering investors an opportunity to buy into an internationally recognized retail and hospitality brand as the group reorganises its ownership structure.
According to preliminary terms, Hotel Lotte is targeting as much as W5.7 trillion $4.8 billion from the sale of both new and existing shares. It will be the country’s biggest IPO if it prices at the top of its indicative range, surpassing Samsung Life Insurance’s $4.4 billion in 2010.
Bankers said the listing of Hotel Lotte was brought about by regulatory issues instead of fundraising...
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